Moving Forward in 2021 Moving forward in 2021, the NIGA Finance Committee approved two budgets, one based on the successful completion of the April 2021 San Diego Tradeshow, and an alternate budget if the Tradeshow was cancelled. San Diego cancelled the Tradeshow in March 2021, and while NIGA does have a scheduled July Tradeshow in Las Vegas, we currently are unable to make any revenue projections given Covid crowd limitations as of the date of this memorandum. We do have an aggressive sponsorship program in place for the July Tradeshow. Currently NIGA has approximately $1.8 million in cash on hand to cover ‘essential’ and limited contractor costs through 2021. As of today, NIGA’s sole source of major revenue has been the collection of Tribal Membership dues in the amount of $1.4 million. Absent a loan/grant or another major source of revenue collection, NIGA will be implementing severe budget cuts to ensure operations well into 2021. ( NIGA has received two allotments of PPP money which is being expensed in accordance with all applicable Federal regulations). The Executive Director and Deputy Executive Director along with our Accounting Department are working on detailed plans to curtail spending for the 3 rd and 4 th quarters of FY 2021. Fiscal Year 2021 And NIGA’s Tradeshow: Developing Options and Opportunities The single biggest financial hurdle facing NIGA is the lack of expected 2021 tradeshow revenue. While our financial forecasting for 2021 does not include Tradeshow revenue, NIGA continues to develop several alternatives with Clarion, our tradeshow partner, for 2021. These include: 1) Major Sponsorship Donations of $500,000 or more for our July Las Vegas Tradeshow; 2) Refinancing the NIGA Mortgage to access the almost $8 million in building equity; 3) Accessing Clarion LLC’s line of credit of up to $1.5 million Implementation of all three of these options would provide the capital needed to not only make it through FY 2021, but also cover the expected outlays for NIGA’s 2022 Anaheim Tradeshow.
2
Made with FlippingBook - Online catalogs